Since 2019 "Journal of European Economy" is available at


The Journal of European Economy is a quarterly peer-reviewed scientific periodical published since 2002. JEE is the only specialised economic journal in Ukraine to publish complete full-text issues in Ukrainian, English and Russian languages.

The journal aims to publish original manuscripts that analyse issues related to topical theories and concepts of international economics, peculiarities of economic development in transition economies, phenomena of global and European economic integration, as well as the place of the European countries in the world economy.

The scope of the Journal covers the following topics:
•    Economic theory;
•    Macroeconomics;
•    Microeconomics;
•    International economics;
•    Economy of European countries;
•    European integration;
•    Regionalization in European economic area;
•    International economic relations of European countries;
•    Financial and banking services market.

The Journal of European Economy is indexed by:


«Ukrainika Naukova» database,«Dzherelo» abstracts journal, National Vernadskyi Library (Ukraine)




Online scientometric database

"Index Copernicus (IC)" (Polland)


«Journal of Economic

Literature» (JEL), American Economic Association

«VINITI» database,

«Economika» abstracts journal (Russian Federation)




Publication of the journal is performed on a non-commercial basis. Manuscripts are subject to independent peer-review by three or more leading experts in the field. Please see “Guidelines for authors” for detailed description of the peer-review process and article submission details. Please see “Publishing Ethics” for detailed description of the duties of editors, reviewers and authors. The contents of each issue is subject to approval by the Scientific Council of Ternopil National Economic University.

The journal is listed in the Supreme Attestation Commission’s register of specialized publications in economic sciences (Resolution №1-05/2 of 10.03.2010 of the SAC of Ukraine).

The Journal of European Economy is registered with the State Committee for Information Policy, Television and Broadcasting (Certificate of State Registration of print media КВ No.12642-1526 ПР as of 03.05.2007, issued by the Ministry of Justice of Ukraine).

2015 subscription index in the catalogue of “Ukrposhta” (Ukrainian State Enterprise of Posts):
23527 (Ukrainian version); 23528 (Russian version); 23529 (English version).



Mailing address: Editorial office of the «Journal of European Economy»,
Ternopil National Economic University,
vul. Lvivska, 11 
Ternopil 46020    
Tel.:    +38 (0352) 47-58-75 (editor-in-chief),
 +38 (0352) 47-50-75 (editorial office).
E-mail: Editor-in-chief:
Editorial office:

Publishing House «Economichna Dumka»
(vul. Lvivska 11, Ternopil, 46000, Ukraine, tel (0352) 47 58 72).

Print version of the Journal of European Economy is distributed

by the  Catalogue of periodicals of Ukraine:
English version -- subscription index 23529 in the catalogue of Ukrposhta;
Ukrainian version -- subscription index 23527 in the catalogue of Ukrposhta (Ukrainian Postal Service);

Subscription can be performed in all divisions of postal service, subscription outlets or electronically through the website of State enterprise for periodicals distribution “The Press”.

Full-text electronic versions of published articles can be downloaded free of charge in pdf format from the Journal's web-site   or from National V.I.Vernadskyy Library of Ukraine.

Postal Address:
Office of the Journal of European Economy
Ternopil National Economic University,
Lvivska street 11, room 1201
Ternopil 46020, Ukraine

Editor-in-chief: +38 (0352) 47-58-75
Editorial Office: +38 (0352) 47-50-75

Editorial office:

Editorial board








Yevhen Savelyev, Doctor of Economic Sciences, Professor, Ternopil National Economic University, Ukraine













Associate Editors-in-chief:

Vitalina Kuryliak, Doctor of Economic Sciences, Professor, Ternopil National Economic University, Ukraine (international relations);

Oleksandr Sharov, Doctor of Economic Sciences, Professor, National Institute for Strategic Studies, Kyiv, Ukraine (English version)


Editorial Board:

Kamila Borseková, Ing, PhD, Matej Bel University, Banská Bystrica, Slovakia

Jadvyga Čiburienė, Dr. of Econ. Sciences, Professor of Department of Economics, Kaunas University of Technology, School of Economics and Business, Lithuania

Oleksandr Dzyublyuk, Dr. of Econ. Sciences, Prof., Ternopil National Economic University, Ukraine

Roland Eisen, Dr., Prof., J.-W. Goethe University, Frankfurt on Main, Germany

Valeriy Heyets, Dr. of Econ. Sciences, Academician, National Academy of Sciences of Ukraine (NASU), Rector of the Institute of Economic Forecasting, NASU, Ukraine

M. Peter van der Hoek, Dr., Prof., Erasmus University, Rotterdam, the Netherlands

Victor Kozyuk, Dr. of Econ. Sciences, Prof., Ternopil National Economic University, Ukraine

Andriy Krysovatyi, Dr. of Econ. Sciences, Prof., Ternopil National Economic University, Ukraine

Dmytro Lukyanenko, Dr. of Econ. Sciences, Prof., Kyiv National Economic University, Ukraine

Tetyana Orekhova, Dr. of Econ. Sciences, Prof., Donetsk National Economic University, Ukraine

George Polychronopoulos, Dr., Prof., School of Business Administration and Economics, Technological Educational Institute, Athens, Greece

Oleksandr Shnyrkov, Dr. of Econ. Sciences, Prof., Institute of International Relations, Kyiv T. Shevchenko National University, Ukraine

Evangelos Siskos, Dr. of Econ. Sciences, Prof., State Technological Educational Institute, Kastoria, Greece

Bjarne Rerup Schlichter, Associate professor, PhD, Aarhus University, Denmark.

Mariusz E. Sokołowicz, Dr. Associate Professor, University of Lodz, Poland

Olena Sokhatska, Dr. of Econ. Sciences, Prof., Head of Financial Engineering Department, Ternopil National Economic University, Ukraine

Volodymyr Sidenko, Dr. of Econ. Sciences, Institute of International Relations, Kyiv T. Shevchenko National University, Ukraine

Nicholas Tsounis, Dr., Prof., State Technological Educational Institute, Kastoria, Greece

Katarína Vitálišová, Ing, PhD, Matej Bel University, Banská Bystrica, Slovakia

Authors who wish to publish their work in the Journal of European Economy should submit their article in such languages as – Ukrainian, English. Translation to other languages is performed by the Language department of Ternopil National Economic University. Authors are welcome to submit versions of their articles in more than one language. Scholarly and technical proof-reading are performed by the publisher.

All articles should be submitted in electronic form to:

In order to facilitate the peer-review and proof-reading processes, the manuscripts should satisfy the following requirements:


The manuscript should not normally exceed 30 pages of printed text, typed 14 pt Times New Roman, 1.5 line-spacing.


The articles should be written in English, Ukrainian, or Russian languages. It will take less time to prepare the manuscript for publication if the author submits the article in two or three languages.


The title should include the author(s) name(s), scientific degree and position, affiliation, full work address,  and e-mail address.

The article should have the following structure:


(1) Abstract (up to 150 words) written in a clear and concise manner so that to provide a structured overview of the contents of the article, present major findings and author’s conclusions;

(2) Key words (up to 20 symbols each);


(3) Introduction:
 -- formulation of the scientific problem and its connection with important scientific or practical tasks;

 -- analysis of recent publications which lay the basis for author's research and problem-solving process; identification of the previously unsolved part of the   problem which the author aims to solve in the article;
-- articulation of the goals of the work;


(4) Main body of the article: main body of text containing all relevant information with full substantiation of obtained scientific results;


(5) Conclusions of the author and prospects for future research.


(6) List of references.


All illustrations and tables should be numbered and supplemented with short descriptive titles. Arabic numerals should be used for page numbering, tables, diagrams, etc.


Before publishing all manuscripts will be peer-reviewed by method of double-blind review.


All corrections made by editors will be on behalf of authors.

Articles which do not satisfy the above requirements will not be considered.

Ternopil National Economic University as the publisher of the Journal of European Economy adheres to the principles of publishing ethics developed by Elsevier and the Committee on Publication Ethics (COPE).

Main ethical standards maintained by the Editorial Board of JEE include the following:

• Plagiarism in any form is not tolerated. This applies to both the submission of the author's previously published work and to passing another person's published or unpublished work off as his/her own.
• The author should acknowledge the part of another person's work that was used in the publi-cation.
• Editors do not collaborate with authors who were previously proven to engage in plagiarism in the cases of articles submitted to JEE or other editions if such be known.
• The requirements set for reviewers include an obligation to identify plagiarism based on the works accessible over the Internet.
• The Editorial Board uses software to identify plagiarism based on the works accessible over the Internet.
• The Editorial Board will accept with gratitude any information from the readers about re-vealed cases of plagiarism or author's misconduct and publish retractions if the fact of pla-giarism is proven or expressions of concern if solid suspicions of misconduct are found.
• JEE publishes works of authors of all countries and nationalities, who research the issues set forth by the Editorial Board.
• The Editorial Board will not publish the articles which contain calls for terrorism, xenopho-bia, insults of other authors or citizens in general.
• Each article is peer-reviewed by at least three experts from the Editorial Board or external experts invited additionally.
• Non-peer-reviewed sections or editorial materials are indicated with special footnotes.
• Ternopil National Economic University is open to cooperation with other publishers in the questions of reducing plagiarism and adhering to publishing ethics


Duties of Editors

The Editorial Board includes experts from among the Ukrainian and foreign scientists based on their consent. The composition of the Editorial Board is approved by the Scientific Council of TNEU as the publisher of JEE. The Editorial Board approves submitted articles for publication, as well as the contents of each issue of the journal. Members of the Editorial Board who are not employed with TNEU can participate in its activities in the online mode (via email or by using online editing platform). When accepting articles for publication the Editorial Board is guided by the following criteria:

Fair play.

The Editorial Board's decision to accept an article for publication is guided only by the criteria of scientific novelty and quality of the work, regardless of ethnic origin, race, gender, sexual orientation, religion, nationality, or political opinions of the author.


Editorial Board members do not disclose information about submitted manuscripts to anyone except reviewers, potential reviewers and the publisher.

Disclosure and conflict of interest.

Information from the unpublished article submitted for publication should not be used in any personal, scientific, commercial, political, or other work of the Editorial Board members, reviewers, and the publisher without author's written permission. In the case of the conflict of interest, the parties upon mutual consent appoint another reviewer or re-viewers.

Involvement and cooperation in investigations.

The Editorial Board will take measures when ethical complaints have been presented concerning a submitted manuscript or published article in due time and upon settlement of procedural questions with the complainant.

Every reported act of unethical publishing behaviour will be looked into, even if it is discovered years after publication.

Duties of Reviewers

Editorial Board of the Journal of European Economy appoints reviewers from among the members of the Editorial Board or involves external experts. The peer-review must ensure due as-sessment of the submitted manuscript's scientific significance, its authenticity and assistance in im-proving the work of the author. Authors of the submitted manuscripts recognize the need for peer-review. By agreeing to perform a review, the potential reviewer takes on the following obligations:


The individuals selected by the Editorial Board and invited by the Editor-in Chief to review a manuscript, have a moral obligation to perform its prompt and timely assessment. In circumstances when the prompt review is impossible and the Editor-in-Chief is informed about it, and the chosen reviewer will be excluded from the process.


Each manuscript under the review should be treated as a confidential doc-ument. It must not be shown to or discussed with other persons, except persons authorized by the Editor-in-Chief.

Standards of Objectivity.

Reviews should be conducted objectively. Personal criticism of the author is inappropriate. Reviewers should express their views clearly with supporting arguments.

Acknowledgement of source.

The absence of references in a submitted manuscript should be acknowledged and evaluated by the reviewer. The reviewer should notify the editor about cases of substantial similarity or overlap between the manuscript under consideration and any other pub-lished work which has not been acknowledged by the author and of which the reviewer has personal knowledge.

Disclosure and Conflict of Interests.

Confidential information and ideas of the reviewed articles should be kept in secret. The reviewed materials should not be used for the reviewer’s per-sonal benefit. The reviewer should not use any ideas or information contained in the reviewed article for his/her personal work and publications, unless he has received a written concent from the author.


Duties of Authors

Reporting standards.
The article should be prepared according to the requirements of the Editorial Board as outlined in the “Guidelines for authors” section. The article should contain an accurate account of the original work performed, present an objective discussion of its signicance, and reflect its connection with previous research performed by the author or by other scientists. Acknowledgement of previous research should be presented in the main body of the text, as well as in references. A paper should contain sufficient detail and references to permit others to replicate the work. Fraudulent or knowingly inaccurate statements constitute unethical behaviour and are unacceptable.

Data Access and Retention.
Authors may be asked to provide the raw data in connection with an article submitted for editorial review. Thus, the authors should retain such data for a reasonable time before and after publication.

Originality and Plagiarism.

The author guarantees that the work submitted for peer review is a completely original work. If the authors have used the workd and/or words of others, this must be appropriately cited or quoted. Plagiarism in all its forms constitutes unethical behavior and is unacceptable.

Multiple, Redundant or Concurrent Publication.

By submitting the article for publication the author confirms that his/her work has not been published previously. In case the author asks to republish the article, he/she must explicitly indicate so. Republishing of an article on the initiative of the Editorial Board is made only with permission of the author, the editor, and the owner of the intellectual property rights on the article. In case of repeated publication of the article, the publisher will make a preper reference about this.

Acknowledgement of Sources.

The author should provide all references to publications which had an impact on the content of his/her article. Information from the non-official sources or obtained in private discussions or correspondence cannot be used in the article without written permission from the source of this information.

Information obtained in the process of confidential activity, in particular reviewing of manuscripts or grant applications cannot be used in the article, unless the author receives a written permission from the source of this information.
Authorship of the Paper. Presenting an article in co-authorship is possible if all individuals mentioned as co-authors made noticeable contribution to conception, planning, execution, or interpretation of the reported research.

Individuals who participated in certain substantive aspects of the reserch project, but whose contribution is not so substantial as to be considered co-authorship, should be acknowledged or listed as contributors.

The corresponding author should ensure that all appropriate co-authors are included on the paper, and that all co-authors have seen and approved its final version and agreed to its submission for publication.

Disclosure and Conflicts of Interest.

The author or co-authors should disclose any cases of the actual or potential conflict of interest to the editor at the earliest stage which is possible.


Fundamental Errors in Published Works.

If the authors discovers any fundamental mistakes or inaccuracies in his/her published work, it the author's obligation to promptly notify the editor about this and to cooperate with the editor in order to resolve the problem and to retract or correct the article. In the case when editor learns from the third party that the published work contains significant errors, it is the obligation of the author to provide a prompt refutation based on evidence provided to the editor of the correctness of the original paper or to correct the article.

Plagiarism Detection.

The author should be aware of the fact that Ternopil National Economic University is committed to help scientific society in all aspects of publishing ethics, especially in cases of suspected duplicate submission of articles or plagiarism.

Yurii Tadeiev

Unisectoral model of economic growth with intellectual capital included
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 373-380.


JEL: O41 Full text (PDF)



Bohdan Litovchenko

Development of the theory and practice of management: metaphysics vs physics
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 381-402.


JEL: A10, M0 Full text (PDF)


Marcin Feltynowski

ICT clusters diagnosis in Poland
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 403-415.


JEL: F00, O31 Full text (PDF)


Mykhaylo Ornat

Modern economic models of reforming the national economy of China
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 416-424.


JEL: E20, O1 Full text (PDF)


Eleni F. Katsouli, Nikos Kapoulas


Convergence across the PIIGS member-states of the Euro-zone
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 425-436.


JEL: O40, O47 Full text (PDF)


Anna Karmelyuk


The economical modelling of the retail goods turnover
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 437-455.


JEL:  E22, E24, C02 Full text (PDF)


Teodora Dimitrova

Shadow economy practices in Bulgaria — a challenge for the financial policy of the state
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 456-477.


JEL: H30 Full text (PDF)


Lada Shirinyan

Competition at German insurance service market over period 1999-2010
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 478-498.


JEL:  F41, F42, G15, G18, G22, K21, E32, P51, R12 Full text (PDF)


Valeriy Heyets

Modernization In The System «Society – State – Economy»
Journal of European Economy, Vol. 13, Number 3, September 2014, p 221-327


JEL:    F15, F13 Full text (PDF)


Sviatoslav Zhukov

Empirical analysis of Eurointegration activity of enterprises in Zakarpattia region
Journal of European Economy, Volume 11, Issue 3, September 2012, pp. 267-285.


JEL:     F50 Full text (PDF)



Svitlana Vovk

Trends in modern investing: TNCs

Journal of European Economy, Volume 11, Issue 3, September 2012, pp. 286-308.

JEL:     F21, F23 Full text (PDF)



Iryna Holiash

Gnoseological aspect of research of the processes of formation and development of audit as a science
Journal of European Economy, Volume 11, Issue 3, September 2012, pp. 309-315.


JEL:      M42 Full text (PDF)


Iryna Liubezna, Nataliia Halushka

Audit evaluation of effectiveness of bill transactions implementation
Journal of European Economy, Volume 11, Issue 3, September 2012, pp. 316-326.


JEL:     M42 Full text (PDF)